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Purchasing your first home is a major financial decision that you will ever take in your life, and the current property market in 2025 presents challenges of its own. Increasing property rates, fluctuating interest rates, and tightening lending policies have resulted in the fact that, more than ever, it is important to know what you are getting into.
The right advice can make the difference whether you are saving to deposit, assessing what offers the best home loan for first-time buyers, or how to stretch your money. Ready to enter the property market to buy your first home? Here are 10 practical tips that first-time home buyers in Melbourne should consider to be confident in their step-into-the-market efforts.
Tip 1 – Get Your Finances in Order Before You Start
The foundation of a successful home purchase is a rock-solid financial profile. Lenders in 2025 are scrutinising applications more closely than ever.
- The importance of checking your credit score. This credit score is one of the significant concerns when securing a loan and the interest rate at which you will be provided. Ask to get a free credit report early enough before it is too late to correct the mistakes. The greater your score, the greater the loan alternatives.
- Reducing debts and building a savings history. Minimise high-interest debts (such as credit card debts and the use of personal loans) because this enhances your borrowing capacity. Lenders would rather view steady and authentic savings over three or six months.
- Why lenders look at financial stability. Your stability proves you can manage a mortgage. Ensure your spending habits are in check and avoid taking on new, large debt while preparing to apply for a loan.
Tip 2 – Understand How Much You Can Borrow
Don’t confuse what a property might sell for with your true budget. Knowing your maximum capacity is crucial.
- Mortgage pre-approval explained. Pre-approval (or conditional approval) is a lender’s formal confirmation of the amount they are willing to lend you, based on an initial assessment of your finances.
- How borrowing power is calculated in 2025. A serviceability calculator is used by lenders and evaluate your income and expenditure, taking into account any outstanding debts and a buffer against interest rate increases. Talk to a mortgage expert to have a realistic and current estimate.
- Why knowing your budget upfront avoids disappointment. Browsing in your pre-approved budget is also time-saving, less emotionally damaging (because the home you love might not be within your budget), and allows you to move quickly when you do find the right place.
Tip 3 – Save for More Than Just a Deposit for First-Time Home Buyers
Most first-time home buyer tips revolve around the deposit, but the transactional costs can be very high and must also be considered.
- Typical deposit requirements for first-time home buyers. Although 20% is the ideal deposit to avoid Lenders Mortgage Insurance (LMI) and get a better interest rate, most schemes can now be deposited with 5% (see Tip 4).
- Hidden costs- Stamp duty, legal fees, and inspections: .Initial expenses comprise stamp duty (which can be an enormous burden, but first-time buyers are frequently exempt from/concessions on the duty are common), legal/conveyancing charges, building and pest inspection reports, loan application charges and mortgage registration fees.
- Planning to avoid financial stress. Budgeting for these additional costs (often 3-5% of the property price on top of the deposit) ensures you’re not caught short on settlement day.
Tip 4 – Research Government Grants and Schemes for First-Time Home Buyers
The 2025 landscape includes a variety of federal and state support measures designed to ease the entry barrier for first-time home buyers.
- Overview of current first-home buyer grants and incentives (2025). Key schemes include the First Home Guarantee (FHBG), enabling first home buyers to buy their home with a 5% deposit and no LMI, and state-based First Home Owner Grants (FHOG ) and Stamp Duty concessions/ exemptions.
- How schemes can reduce your upfront costs. LMI is often one of the biggest costs after the deposit and stamp duty. Schemes that waive LMI or provide grants can save you tens of thousands of dollars.
- Why it’s important to apply early. Schemes like the FHBG have limited allocations, which are distributed by participating lenders. Get pre-approval and secure your spot early.
Tip 5 – Compare the Best Home Loan Options for First-Time Buyers
Finding the right loan is as important as finding the right house. Your choice determines how much you pay over the next few decades.
- Fixed vs. variable interest rates.
- Fixed rates offer payment stability, which is excellent for budgeting but typically lacks flexibility (e.g., limits on extra repayments).
- Variable rates allow you to benefit from rate drops and offer flexibility like an offset account and unlimited extra payments, but your repayments can increase if rates rise.
- Special first-home buyer loan packages. Many lenders offer tailored packages that may include discounted interest rates or waived fees for first-time buyers.
- Why using a mortgage broker may save time and money. Using a broker, you could get a better deal than you would have on your own, as he could compare hundreds of loans with different lenders to help you obtain the most appropriate home loan according to your particular financial situation.
Tip 6 – Don’t Skip the Pre-Approval Step
Pre-approval is an often-underestimated tool in a competitive market.
- Benefits of pre-approval in a competitive market. Pre-approval is an indication to the agents and sellers that you are a serious buyer and you are willing to make a transaction. This assurance would provide you with a crucial advantage, particularly when it comes to the other buyers whose financing documents have not been finalised.
- How does it strengthen your position when making an offer? In a private sale, a quick, clean offer from a pre-approved buyer is highly attractive. At auction, it sets your maximum budget and ensures you can sign the contract immediately.
- Validity period and renewal. Pre-approvals usually last for 90 days. Keep track of the expiry date and be ready to renew it with your lender or broker if your house hunt takes longer.
Tip 7 – Be Realistic with Your Property Search
The first home rarely ticks every box, so clarity on your must-haves versus your wants is essential.
- Avoid stretching your budget too far. While interest rates may fluctuate, commit to a repayment amount you can comfortably afford, even with a buffer for rate rises. Overstretching leads to “mortgage stress.”
- Factors to consider: Location, transport, and growth potential. Look beyond the paint colour. Prioritise non-negotiables like commute time, school zones, access to essential services, and the area’s long-term growth prospects.
- Why compromise may be necessary for your first home. You might need to compromise on property size, age, or proximity to the city. See your first property as a stepping stone toward your dream home.
Tip 8 – Get Professional Help When Needed
The buying process involves complex legal and financial documents. Relying on experts reduces risk.
- The role of buyer’s agents, mortgage brokers, and conveyancers.
- Mortgage brokers assist with loan selection and application.
- Conveyancers/Solicitors handle all the legal transfer of title and contract review.
- Buyer’s agents (optional) search for and negotiate the purchase on your behalf.
- How expert advice prevents costly mistakes. Legal experts ensure contracts are sound, and financial experts protect you from choosing a predatory or unsuitable loan.
- Why DIY can sometimes cost more: Attempting to navigate legal or financial complexities yourself can lead to expensive errors, delays, or choosing a sub-par property or loan.
Tip 9 – Inspect Carefully Before You Commit
Never take a property at face value. Diligence before commitment is one of the most important first-time home buyer tips.
- Importance of building and pest inspections. These reports are your insurance cover against serious structural imbalances, serious maintenance problems or pest problems (such as termites) that can only be detected by taking a quick walk around.
- Identifying hidden problems that could become expensive. Issues like foundation cracks, faulty wiring, or a leaking roof can cost tens of thousands to fix and are often excluded from a home’s price unless identified early.
- Negotiating repairs or price reductions. If the report reveals significant faults, you gain leverage to negotiate the price down or request that the seller fix the issues before settlement.
Tip 10 – Check your Credit
A quick point to reiterate: check your credit report early to ensure you are in the best position for a lender to view your application favourably.
Bonus Point: Compare mortgage lenders
Do not simply go with your existing bank. Different lenders will have different criteria and different special offers for first-time home buyers- the most common is a discounted interest rate or waived fees. A quick comparison can save you significant money over the life.
Final Thoughts for First-Time Home Buyers in 2025
Coming into the property market in 2025 is a big task, but with the right plan and the right team, it is not only possible but can also be done. Concentrate on strong preparation, expectations, and securing the most appropriate financing with the best mortgage broker in Melbourne.
Contact CapKon today and speak to our mortgage advisor to find the best home loan for first-time buyers in today’s market.
FAQ related to First-Time Home Buyers
What are the best tips for first-time home buyers in 2025?
The most useful tips for first-time home buyers of 2025 are to start with pre-approval, minimise your personal debt to maximise your ability to borrow, and to use government programs such as the First Home Guarantee to cut your deposit and avoid LMI.
How much deposit does a first-time buyer need in 2025?
Ideally, a 20% deposit avoids Lenders Mortgage Insurance (LMI) and gets you a better rate. However, government schemes like the First Home Guarantee allow eligible first-time home buyers to purchase with as little as a 5% deposit, with the government guaranteeing the difference (saving you the cost of LMI).
What is the best home loan for first-time buyers?
The best home loan for first-time buyers is highly individual. It depends on your risk tolerance, income stability, and whether you value budget certainty (fixed rate) or flexibility and features like an offset account (variable rate). Consulting a mortgage broker is the best way to compare options across many lenders and find the most suitable product and rate.
Should I choose a fixed or variable loan as a first-time buyer?
A fixed-rate loan offers predictable, stable repayments, which is excellent for budgeting but sacrifices flexibility. A variable rate loan may be lower initially and allows features like offset accounts and extra repayments, but your repayments can increase if the official cash rate rises. A split loan (part fixed, part variable) offers a balance of both.
Can first-time home buyers get government grants in 2025?
Yes. In addition to state-based First Home Owner Grants (FHOG) for new builds and stamp duty concessions, federal schemes like the First Home Guarantee (FHBG) and the Regional First Home Buyer Guarantee are available in 2025, which can significantly reduce the required deposit and eliminate the need for LMI.
How do I improve my chances of loan approval?
Improve your chances of loan approval by: having a stable employment history, minimising high-interest debts, providing evidence of genuine savings, and checking your credit file to correct any errors before submitting your application.
What mistakes should first-time buyers avoid?
The most common mistakes are: skipping the pre-approval process, stretching the budget past a comfortable repayment level, neglecting to budget for all upfront costs (like stamp duty and legal fees), and failing to get building and pest inspections.
In Australia, the healthcare system relies on nurses, who often toil in tough and challenging environments. At the same time, they may encounter problems that are specific to mortgages. Navigating through the complex financial situation of nurses is not easy for lenders because most aspects of their earnings are difficult to estimate.
In this post, we want to highlight these challenges and show how a good mortgage advisor can assist nurses in Australia with finding their dream home. We look at the main points of getting a home loan for nurses in Australia, discover great ways to save on a home purchase, and detail the benefits of working with brokers in Australia.
Understanding the Australian Nurse Home Loan Landscape
At Capkon Melbourne, we know that nurses are highly valued professionals and, importantly, are often viewed by lenders as low-risk borrowers. For all their different forms of income, banks generally look favourably on nurses when lending money. Because their talents are always in demand and Australia is likely to face a nursing shortage, nurses can rely on job security.
Nurses are considered good borrowers by banks and other lenders, which has made it easier for them to secure Australian home loans. Even so, not every lender considers the particular situations of nurses with their financial policies. It’s at this point that you need to understand exactly what home loans and nursing home loans mean, which you can do with the help of our financial advisory services.
Why Nurses Face Unique Challenges with Home Loans
Despite being seen as reliable borrowers, you might still encounter specific challenges when applying for a home loan. We see this frequently with our nursing clients at Capkon Melbourne, and we’re equipped to address them. These challenges often include:
- Casual and shift-based work arrangements: Many nurses work casually, part-time, or on rolling shifts with varying hours. Some lenders struggle to accurately assess this type of income, potentially underestimating your borrowing capacity.
- Overtime, weekend, and public holiday pay structures: A significant portion of a nurse’s income can come from overtime, shift allowances, and penalty rates. However, not all banks will consider 100% of this income when calculating how much you can borrow.
- Salary sacrificing impacts on reported income: While salary sacrificing for benefits like a car lease, superannuation, or other expenses provides excellent tax advantages, it can reduce your taxable income, which some lenders use as a primary basis for assessment.
These factors can sometimes lead lenders to discount a nurse’s actual income, potentially by up to 20%. The frustrating reality for many in your profession is that not all banks evaluate nurse incomes with the thorough understanding it deserves, leading to unequal treatment.
This is precisely where Capkon Melbourne steps in. As your dedicated loan advisors in Melbourne, we specialize in understanding these nuances. We meticulously prepare your application, highlighting the consistency and reliability of your full income. We know which lenders have favourable policies for a registered nurse home loan and understand the structure of various nurses’ home loan program options. Our goal is to ensure your nurse’s home loans Australia application gets the positive attention and fair assessment it warrants.
Cost-Saving Opportunities for Nurses
The good news is that, despite the challenges, there are significant cost-saving opportunities available specifically for nurses. At Capkon Melbourne, we’re experts at uncovering and securing these for you, helping you get into your home sooner and with less financial strain.
LMI Waiver for Nurses
Lenders Mortgage Insurance (LMI) is an insurance premium payable by the borrower if you have a deposit of less than 20% of the property’s purchase price. It protects the lender in case you default on your loan. For many aspiring homeowners, LMI can be a substantial upfront cost.
However, as a registered nurse, you may be eligible for a full LMI waiver for nurses, even with a deposit as low as 10% (or sometimes even 5% under specific government schemes when available). This valuable nurse LMI waiver is a profession-based benefit acknowledging your stable employment and lower-risk profile.
How much can you save? On a $700,000 property purchase with a 10% deposit, an LMI waiver could save you anywhere from $15,000 to $30,000 in LMI premium costs, depending on the lender and exact loan amount. At Capkon Melbourne, we have strong relationships with a panel of lenders offering these waivers, making the nurses’ home buying program significantly more accessible.
Interest Rate Discounts for Nurses
Many major banks and specialist lenders in Australia recognize nurses as desirable, low-risk borrowers. As a result, they often offer exclusively discounted interest rates on mortgage loans for nurses. These preferential rates can be part of ‘professional packages’ or specific offers designed for essential workers in the healthcare sector.
Eligibility for these discounts often depends on factors such as:
- A minimum loan amount (e.g., $250,000).
- Your current registration with AHPRA (Australian Health Practitioner Regulation Agency).
- Some lenders may have a minimum income requirement (e.g., $90,000 per annum), although this can sometimes be waived or be a combined income for joint applicants.
At Capkon Melbourne, we leverage our extensive network and negotiating power to secure these competitive nurses’ home loan rates and nurses’ mortgage Australia deals for you. Even a small reduction in your interest rate can translate to thousands of dollars saved over the life of your loan.
Government Incentives and Grants
Beyond lender-specific benefits, various Australian Federal and State/Territory government incentives can significantly reduce your upfront home buying costs and make entering the property market more achievable. At Capkon Melbourne, we help you identify and apply for all relevant schemes, which may include:
- First Home Owner Grant (FHOG): A national scheme, administered by states and territories, providing a one-off grant to eligible first home buyers purchasing a new or substantially renovated home. Grant amounts and eligibility vary by state.
- Stamp Duty Concessions/Exemptions: Most states and territories offer significant stamp duty relief (discounts or full exemptions) for eligible first home buyers, often up to certain property value thresholds.
- Home Guarantee Scheme (HGS): This Federal Government initiative includes several programs (like the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee) that allow eligible buyers to purchase a home with a deposit as small as 2-5% without needing to pay LMI. Places are often limited and popular.
These nurses’ home buying programs and nurses’ home loan program support can make a substantial difference to your purchasing power. Capkon Melbourne will guide you through the latest eligibility criteria and application processes for these valuable home loans for nurses in Australia.
Nurse-Specific Loan Products
We understand that a “one-size-fits-all” loan product might not be the optimal solution for your nursing career and financial structure. At Capkon Melbourne, we can help you explore various loan products that are either specifically designed for or particularly well-suited to the needs of nursing professionals:
- Professional Packages: These often bundle a home loan with other banking products, such as an offset account or a fee-free credit card. The key benefit is usually a discounted interest rate on your home loan and waived annual package fees for eligible professionals.
- Low-Deposit Loans: By leveraging LMI waivers for nurses and government schemes like the Home Guarantee Scheme, these loans can help you enter the property market much sooner than you might think, without needing the traditional 20% deposit.
- Offset Accounts: A powerful feature, an offset account is a transaction account linked to your home loan. The balance held in this account is “offset” against your loan principal, meaning you only pay interest on the net amount. This can save you a substantial amount of interest and help you pay off your loan years earlier. Given the variable nature of some nursing incomes, an offset account can be an excellent tool for managing surplus funds effectively.
- Split Loans: If you’re looking for a balance between the certainty of a fixed interest rate and the flexibility of a variable rate, a split loan could be ideal. This allows you to fix a portion of your mortgage, protecting you from rate rises on that part, while the variable portion can offer features like an offset account and the ability to make extra repayments without penalty.
At Capkon Melbourne, we don’t just present options; we explain them. We carefully assess your individual financial situation, your career stage (whether you’re a new graduate or an experienced clinical nurse consultant), and your long-term property goals. Based on this, we recommend the most suitable nurses’ home loan program or nurses’ home buying program product, clearly outlining the pros and cons of each mortgage loan for nurses option so you can make an informed decision.
How We Simplify the Process for Nurses
Navigating the home loan process can be daunting and time-consuming, especially when you’re juggling demanding nursing shifts and responsibilities. At Capkon Melbourne, our primary role is to simplify this entire journey for you, providing expert guidance and support from start to finish.
Matching Nurses to the Right Loan Products
The first, and perhaps most critical, step we take is to gain a comprehensive understanding of your complete financial picture. This isn’t just about your base salary. We delve into:
- The nuances of your overtime pay and shift allowances.
- Any salary-sacrificing arrangements you have in place.
- Your employment status – whether you’re permanent full-time, part-time, or working on a casual or contract basis.
With this detailed understanding, Capkon Melbourne meticulously matches you to lenders from our extensive panel who have a proven track record of understanding and recognizing the full value of a nurse’s income. Lender policies can vary dramatically; what one bank might heavily discount or view unfavourably, another might fully accept or even specialize in. Our deep knowledge of these diverse lender policies ensures your application for a registered nurse home loan or participation in a nurse’s home loan program is directed to the institution most likely to provide a positive outcome for your home loans for nurses.
Negotiating Better Terms
Our established relationships with a wide array of banks and non-bank lenders are a significant asset that we bring to the table for you. Capkon Melbourne leverages these strong connections and our industry expertise to negotiate favourable terms on your behalf. This goes beyond just the headline interest rate; we also negotiate on:
- Associated fees (application fees, ongoing fees).
- Loan conditions and features that suit your specific needs.
We act as your advocate to secure nurses’ mortgage Australia deals and mortgage loans for nurses’ benefits that you might find difficult to access if you approached lenders directly. Our goal is to ensure the loan structure and terms truly work in your best interest.
Streamlining Paperwork and Application Approvals
The sheer volume of paperwork involved in a home loan application can be overwhelming. At Capkon Melbourne, we take this burden off your shoulders. Our team will:
- Guide you through all the necessary documentation.
- Clearly explain complex lender requirements in plain English.
- Assist in completing forms accurately.
- Help you avoid common application mistakes that can lead to frustrating delays or even rejections.
This meticulous management of the application process not only reduces your stress and saves you valuable time but also significantly increases the chances of a smooth, timely, and successful approval for your nurses’ home loans Australia or home loans for nurses Australia.
Income Assessment Strategies for Nurses
Income assessment is the process lenders use to evaluate your earnings and determine your borrowing capacity. For nurses, whose income often comprises multiple components beyond a base salary, understanding how lenders assess this is crucial. Capkon Melbourne employs specific strategies to ensure your income is presented in the most favourable light, maximizing your chances of loan approval.
Gross vs Net Income Assessments
Most lenders traditionally assess your borrowing capacity based on your gross income (your total income before tax and other deductions are taken out). However, for nurses who strategically utilize salary sacrificing to package benefits like car leases, superannuation contributions, or living expenses, a gross income assessment can significantly understate your true financial capacity and disposable income.
The good news is that some specialist lenders, particularly those experienced with healthcare professionals, are willing to conduct a net income assessment. This approach looks at your income after tax but can allow for certain sacrificed benefits and pre-tax deductions to be “added back” for servicing calculations. For a salary-sacrificing nurse, a net income-based assessment can often result in a higher borrowing capacity, potentially boosting it by up to 10% compared to a gross income assessment.
At Capkon Melbourne, we have in-depth knowledge of which lenders utilize the most beneficial income assessment methods for registered nurse home loan applicants. We guide you to those providers who will use the right approach for your circumstances, ensuring your participation in a nurse’s home loan program or your application for general home loans for nurses accurately reflects your ability to service a loan.
Recognizing Overtime, Shift, and Casual Income
Lender policies on recognizing income from overtime, shift allowances, and casual employment vary significantly. Some banks may accept 100% of consistent overtime, especially if it’s a regular feature of the nursing profession. Others might discount this income heavily or require a longer history to consider it. Capkon Melbourne works to identify and recommend loan providers that have a fair and comprehensive approach to valuing all components of a nurse’s earnings, ensuring that income from nurses’ mortgages, nurses’ home loans, and general mortgage loans for nurses’ applications is appropriately acknowledged.
Building Long-Term Financial Strategy with a Broker
As your mortgage broker, Capkon Melbourne, strives to build an ongoing relationship with you. We try to act as personal financial advisors, setting up nurses’ loans so they can achieve their future aims. This includes:
- Refinancing as Circumstances Change: When income increases or goals develop as a nurse’s career advances, it might be wise to consider refinancing for even better loan conditions.
- Using Equity to Invest in Property: Home equity opens the door to investment. After you have built enough equity in your own home, our broker can suggest how to use it for property investment.
- Planning for Second Homes or Renovations: POA brokers are ready to help structure your finances for that new vacation home or the upgrades you choose for your present property.
This ongoing relationship ensures that a nurse’s mortgage strategy continues to support their evolving financial journey, impacting mortgage loans for nurses, nurses’ mortgage Australia, and registered nurse home loan planning.
Tips for Nurses to Improve Home Loan Approval Chances
There are many ways nurses can increase their chances of qualifying for a home loan.
- Consolidating Debts: Paying off existing debts will make it easier to apply for new loans whenever needed.
- Building a Savings History: Demonstrating a consistent pattern of saving is viewed favourably by lenders.
- Organizing Payslips and Salary Sacrifice Documentation: Organise your pay stubs and salary sacrifice papers. Keep your documents clear so that you don’t have to scramble for them during your application.
- Checking Credit Scores: Understand what your credit score is and resolve any problems it might show you, beforehand.
- Avoiding Major New Debts Before Application: Don’t get a major new loan for anything like a car just before applying for your mortgage.
Capkon Melbourne acts as an expert guide, helping nurses prepare their strongest possible application, ensuring they are well-positioned for success when seeking a nurse’s home loan program, a nurse’s home buying program, or general home loans for nurses.
Why Choose Capkon Melbourne as Your Broker?
Capkon Melbourne brings a wealth of expertise and local knowledge to the table, specifically tailored to the needs of nurses in Australia. Our unique selling propositions include:
- Experience with Nurse Income: We know how nurse pay plans work, featuring overtime, compensation, and wage sacrifice options.
- Connecting with various Banks and Lenders: We partner with a wide network of banks and lenders, some of which are especially helpful to nurses.
- Seeking LMI Waivers for Nurses: We aim to qualify nurses for lowered or waived USCIS fees.
- Tailored Service: We get to know each nurse’s personal situation and what they want to achieve financially.
- Understanding the Local Property Market: Our team knows the Melbourne property market and offers relevant advice.
- Long-term Partnership: We make sure that our nurses have our support from the time they buy a home to whenever they need us in the future.
Nurses who select Capkon Melbourne as their broker can expect help finding excellent loan deals, understanding nurses’ mortgage options, applying for a nurses’ home loan program, and obtaining favourable mortgage loans for nurses.
Start Your Nurse Home Loan Journey Today with Capkon Melbourne
Taking out a home loan as a nurse in Australia may appear difficult, though it is possible if you have the right help. Loan advisors at Capkon Melbourne make it easy and find ways you can save money and support your best interests. Because you put in great effort at your job, we commit the same effort to guiding you toward your dream of owning your own home.
Don’t worry about the complexity of the mortgage market. Give us a call at Capkon Melbourne right now for some free advice on your home loans for nurses Australia, and discover how we can lead you through the whole process of getting the best mortgage for nurses.
Frequently Asked Questions
What is the best home loan for nurses?
The “best” home loan varies depending on individual circumstances, including income structure, deposit size, and financial goals. Generally, nurses benefit from loans that offer LMI waivers, interest rate discounts for their profession, and flexible features like offset accounts. A mortgage broker can help identify the most suitable loan from a range of lenders.
Do nurses pay LMI in Australia?
Nurses may be eligible for LMI waivers from certain lenders if they meet specific criteria, such as a minimum income threshold or belonging to an eligible profession. This can save them thousands of dollars. However, if they don’t meet these criteria or have a deposit of less than 20% with a lender who doesn’t offer a waiver, LMI will likely apply.
Can nurses get home loans with variable incomes (casual/shift work)?
Yes, nurses with variable incomes from casual work or shift allowances can get home loans. However, lender policies on assessing this type of income differ. Some lenders are more accommodating than others in considering a higher portion of this income.
Are there special grants or discounts for nurses buying a home?
Yes, nurses may be eligible for interest rate discounts from certain lenders due to their profession. Additionally, as home buyers, they can access government incentives like the First Home Owner Grant (FHOG) and stamp duty concessions if they meet the relevant state or territory eligibility criteria.
What documents do nurses need for a home loan application?
Generally, you’ll need the following documents:
- Identification: (e.g., Driver’s license, passport)
- Proof of Income: Recent payslips (usually 3-6 months to show consistency of base pay, overtime, and allowances), your latest PAYG payment summary (group certificate), and sometimes a letter of employment.
- AHPRA Registration: Proof of your current registration.
- Bank Statements: To show savings, spending habits, and existing loan conduct (usually 3-6 months).
- Details of Existing Debts: Statements for any credit cards, personal loans, car loans, etc.
- Details of Assets: Information on any other properties, investments, or significant assets.
- Salary Sacrifice Documentation: If applicable, details of your salary packaging arrangement. We will provide you with a tailored checklist once we understand your specific circumstances.
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